SHEN (SHEN) financial statements
SHEN reported revenue of $358M in fiscal 2025, down 4.4% a year over 9 years.
Net income was -$33M and the operating margin -6.5%, against 4.2% in 2016.
Free cash flow was -$258M, and the company returned $6M in dividends.
The diluted share count rose 13% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SHEN's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $535M | $612M | $193M | $207M | $221M | $245M | $249M | $269M | $328M | $358M |
| Cost of revenue | $194M | $212M | $80M | $84M | $90M | $102M | $102M | $101M | $128M | $130M |
| Gross profit | $342M | $400M | $112M | $123M | $131M | $143M | $147M | $168M | $200M | $228M |
| Selling, general and admin | $133M | $166M | $71M | $78M | $85M | $82M | $91M | $99M | $115M | $118M |
| Operating income | $23M | $47M | -$3M | -$1M | -$3M | -$2M | -$17M | $142,000 | -$29M | -$23M |
| Interest expense | $25M | $38M | $35M | $29M | — | $3M | $2M | $4M | $16M | $25M |
| Pre-tax income | $2M | $13M | $734,000 | $2M | $586,000 | $6M | -$19M | $2M | -$38M | -$42M |
| Income tax | $3M | -$53M | -$1M | $6,000 | -$990,000 | -$2M | -$3M | $501,000 | -$10M | -$9M |
| Net income | -$895,000 | $66M | $47M | $56M | $126M | $999M | -$8M | $8M | $194M | -$33M |
| EPS (diluted) | -$0.02 | $1.33 | $0.93 | $1.11 | $2.51 | $19.92 | -$0.17 | $0.16 | $3.54 | -$0.71 |
| Diluted shares | 49M | 50M | 50M | 50M | 50M | 50M | 50M | 51M | 54M | 55M |
| Gross margin | 63.8% | 65.4% | 58.3% | 59.6% | 59.4% | 58.3% | 58.9% | 62.5% | 60.9% | 63.6% |
| Operating margin | 4.2% | 7.6% | -1.5% | -0.6% | -1.2% | -1.0% | -7.0% | 0.1% | -8.7% | -6.5% |
| Net margin | -0.2% | 10.8% | 24.2% | 26.8% | 56.9% | 407.3% | -3.4% | 3.0% | 59.1% | -9.2% |
Balance sheet
Fiscal years, from SHEN's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $36M | $79M | $85M | $102M | $195M | $84M | $44M | $139M | $46M | $27M |
| Receivables | $70M | $54M | $54M | $64M | $70M | $22M | $21M | $20M | $30M | $31M |
| Inventory | $39M | $6M | $5M | $6M | — | — | — | — | — | — |
| Total current assets | $161M | $173M | $210M | $242M | $1.4B | $166M | $129M | $176M | $95M | $97M |
| Property, plant and equipment | $698M | $686M | $701M | $363M | $440M | $554M | $688M | $850M | $1.4B | $1.6B |
| Goodwill | $145M | $146M | $146M | $149M | — | — | — | — | $67M | $68M |
| Total assets | $1.5B | $1.4B | $1.5B | $1.9B | $2.0B | $891M | $978M | $1.2B | $1.7B | $1.9B |
| Total current liabilities | $164M | $138M | $89M | $154M | $1.2B | $67M | $96M | $98M | $115M | $108M |
| Long-term debt | $797M | $758M | $750M | $688M | $0 | $0 | $74M | $293M | $408M | $628M |
| Total liabilities | $1.2B | $1.1B | $1.0B | $1.4B | $1.4B | $248M | $340M | $562M | $822M | $1.0B |
| Shareholders' equity | $296M | $352M | $440M | $468M | $577M | $642M | $638M | $653M | $919M | $881M |
| Net debt | $793M | $743M | $685M | $618M | $493M | -$84M | $31M | $161M | $371M | $601M |
Cash flow
Fiscal years, from SHEN's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $162M | $223M | $266M | $259M | $303M | -$251M | $75M | $114M | $63M | $101M |
| Capital spending | $173M | $146M | $57M | $67M | $120M | $160M | $189M | $255M | $319M | $359M |
| Free cash flow | -$12M | $76M | $209M | $192M | $182M | -$411M | -$114M | -$141M | -$257M | -$258M |
| Stock-based compensation | $3M | $4M | $5M | $3M | $6M | $3M | $9M | $10M | $10M | $10M |
| Dividends paid | $12M | $12M | $13M | $14M | $16M | $940M | $4M | $5M | $6M | $6M |
| Share buybacks (net) | -$5M | $0 | $0 | -$7M | $0 | $0 | — | — | — | — |
| Net borrowing | $646M | -$11M | -$51M | — | — | -$681M | $0 | $0 | -$7M | -$593M |
| Free cash flow margin | -2.2% | 12.5% | 108.5% | 92.9% | 82.6% | -167.6% | -45.8% | -52.5% | -78.2% | -72.1% |
| Dividends per share | $0.24 | $0.25 | $0.26 | $0.28 | $0.33 | $18.75 | $0.08 | $0.09 | $0.11 | $0.12 |
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Open SHEN in InvestinglyQuestions
What was SHEN's revenue in 2025?
$358M in fiscal 2025, from its 10-K filing.
How much free cash flow does SHEN generate?
-$258M in fiscal 2025 (operating cash flow minus capital spending).
From SHEN's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.